These 3 Altcoins Take Off As Bitcoin Consolidates!

Alternative cryptocurrencies (altcoins) such as Litecoin, Cardano and Chainlink took flight on Wednesday as Bitcoin bulls were breathing. Litecoin traded today at $195, its highest level since March 2018. At the time of writing, it has dropped to $180. In the last 24 hours, it has achieved a 7.9% profit.

Alongside the 25% price increase seen in Litecoin this week, Litecoin’s network activity has also increased. According to Glassnode, the number of active addresses rose to 231.973, the highest level since June 5th. Meanwhile, the number of new addresses rose to 101,862, the highest level of the last 22 months.

According to the common view, the increase in the number of new addresses represents an influx of investors. However, this indicator is not very complete as a single user can manage multiple addresses.

Altcoin prices are booming

On the other hand, Cardano (ADA) is also above $0.87, a level last seen in January 2018. Its profit in the last 24 hours is 28%.

Meanwhile, Oracle provider Chainlink’s LINK token increased its year-to-date profit to 150%; It hit a new record high above $28.5. Chainlink’s oracles act as a bridge between cryptocurrency smart contracts and off-chain data flows and are widely used by decentralized finance (DeFi) protocols.

Other altcoins such as XRP, Stellar, Bitcoin Cash and privacy-focused Monero have also enjoyed impressive gains over the past 24 hours.

Meanwhile, Bitcoin is trading in the range of $45,600-47,400. According to the news on CoinDesk, the price action in question is a typical bull market consolidation, mostly seen after a significant rise.

Bitcoin soared after Tesla announced its Bitcoin purchase. On Monday, it surpassed its January 8 high of $41,962. On Tuesday, it set a new all-time high of over $48,000. Traders expect more companies to copy Tesla’s move, leading to a stronger price rally. But as we have previously reported as , JPMorgan analysts; He says that this sort of thing may not happen because of Bitcoin’s risk of volatility.

Leave a Comment